Boston, MA 09/09/2014 (wallstreetpr) – Environment solutions provider Nuverra Environmental Solutions Inc (NYSE:NES) Chairman of the Board and Chief Executive Officer, Mark Johnsrud, has acquired shares from the open market on September 4 and 5 to lift its holding in the company. This is the second time that an insider was buying the company’s shares in the last three-month period.
Acquires Shares
Nuverra Environmental Solutions Inc (NYSE:NES)’s Chairman and the CEO has purchased a total of 124,551 shares in two trenches on September 4 and 5, according to Form 4 filed with the regulator on September 8. While he bought 25,000 shares on September 4 at the rate of $13.27 by paying $331,750, he has resorted to acquiring another 99,551 shares on the following day at the rate of $13.81 by shelling out $1.37 million.
The CEO has paid a total amount of approximately $1.71 million to buy the shares. The purchasing price indicated premium between 2.9% and 7.1% over the yearly low price of $12.9. On the other hand, he has acquired the shares at a discount of 48.3% – 50.3% from the 52-week high price of $26.7.
As a result of the fresh buying, the Chairman and CEO’s holding would increase nearly to 9.79 million shares directly while indirectly controlling 1,016 shares only.
12-Month Period
In the last three-month period, there was one transaction of buying activity by Joseph Crabb, Executive Vice President and Chief Legal Officer of Nuverra Environmental Solutions Inc (NYSE:NES), on September 4 when he has purchased 5,000 shares at the rate of $13.18 taking his total number of shares to 14,000, according to the data in Nasdaq. Other than these transactions, there were no other activities by the insiders during the three-month period.
Similarly, for one-year period, there were 24 transactions of buying activities by the insiders while there was no sale from them. In all, 353,399 shares were purchased by the insiders while there was no sale activity from the insiders during the 52-week period.
The buying activities by the insiders could well indicate the management’s confidence in its performance and also suggests that better times can be ahead as the shares were bottomed out.
